Canada could need more than 500,000 additional construction workers on average to build all the homes that will be needed between now and 2030, according to a report by RBC.

The company says the acquisition represents a significant step in its growth strategy, enhancing its geographic reach into Northwestern Ontario.

The estimate to build the new building is $200 million. The cost will require the city to raise up to $135 million in additional financing.

The first phase of the work will refurbish up to 25 units at the Sir Adam Beck Complex, beginning in 2025.

The government is supporting $125 million in investments by four companies to expand local manufacturing capacity in the automotive and food processing sectors.